ArcelorMittal Swung to 3Q Net Profit as Sales Gained
November 11 2021 - 02:21AM
Dow Jones News
By Yongchang Chin
ArcelorMittal swung to a third-quarter profit as sales rose, the
company said Thursday.
The steel-and-mining company said sales increased to $20.23
billion from $13.27 billion a year earlier. They also beat the
second-quarter figure of $19.34 billion because of higher realized
average steel selling prices and higher mining revenue, after the
resolution of a labor strike action allowed for higher shipment
volumes, the company said.
The company posted a quarterly net profit of $4.62 billion,
compared with a net loss of $261 million. Earnings before interest,
taxes, depreciation and amortization--one of the company's
preferred metrics--rose to $6.06 billion from $901 million.
The Luxembourg-based company said it expects global apparent
steel consumption, excluding China, to grow within its earlier
12%-13% guidance this year.
However, ArcelorMittal said weakening demand in China, because
of its poor real-estate sector performance, is leading the company
to forecast a slight contraction in Chinese apparent steel demand
in 2021.
Lower Chinese domestic steel production should limit any impact
on the ex-China steel market because the country is expected to
reduce net exports in the second half of the year compared with the
first half, ArcelorMittal said.
Write to Yongchang Chin at yongchang.chin@wsj.com
(END) Dow Jones Newswires
November 11, 2021 02:06 ET (07:06 GMT)
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